Exxon Mobil Corp is exiting Iraq’s West Qurna 1 oilfield, allowing PetroChina to become the lead contractor.
With its exit from West Qurna 1, Exxon will no longer have a presence in Iraq’s energy sector, marking a significant shift in the dynamics of the industry.
Iraq has signed a settlement agreement with Exxon, finalizing the transition. PetroChina will hold the largest stake in the field.
The sale agreement includes resolving the tax value Exxon must pay. West Qurna 1 is one of the world’s largest oilfields, producing 560,000 barrels per day.
With its exit from West Qurna 1, Exxon will no longer have a presence in Iraq’s energy sector, marking a significant shift in the dynamics of the industry.
The transition to PetroChina as the lead contractor signifies China’s increasing influence in the global oil market and its growing presence in Iraq’s oil industry.
Supporting article: https://www.reuters.com/business/energy/petrochina-replace-exxon-lead-contractor-iraqs-west-qurna-1-oilfield-oil-2023-11-11/